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Blackbird Shares Plunged 15.9% on Interim H1 Results and Losses

Analyst Team trader
Updated 5 Sep 2023

The Blackbird PLC (LON: BIRD) share price plunged 15.9% after releasing its interim results for the six months ended 30 June 2023. The company recorded a 36% decline in revenues, which fell to £985,000 from £1,547,000 in a similar period last year. 


YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


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The non-recurring revenues from H1 2022 included £426,000 from development services for the company’s first ‘Powered by Blackbird' licensing deal. The second non-recurring item was revenues generated from the global winter games held in the same period. 

Blackbird is a technology licensor, developer and seller of the market-leading cloud video editing platform, Blackbird®. The company highlighted that it was working on launching a SaaS platform for the Creator industry, which could quickly grow its sales, with the official launch expected early next year. 

The firm noted that its operating costs had increased to £2,422,000 from £2,113,000 in H1 2022 following hiring a team of experts to work on the Creator SaaS product. The company reported a net loss before tax of £1,617,000 compared to £604,000 in a similar period last year. 

The company's contracted but unrecognised revenues are down 36% year on year to £2,120k as of 30 June 2023 compared to £3,331k as of 30 June 2022 due to the loss of the A+E Networks contract.

Ian McDonough, CEO of Blackbird plc, commented: “I am delighted to report that there is continued momentum behind our strategic progression to scale the business and the Company is well placed to execute on this with a strong balance sheet.  Since we raised funding in December 2021, we have significantly progressed our Creator SaaS strategy and we see this as an exciting route to expand our addressable market and accelerate growth for the Company.” 

“Through our core streamlined Blackbird team, now physically located closer to its target market, we are focusing on larger deals and OEM partnerships. The development of the Creator SaaS platform, led by Chief Product Officer, Sumit Rai, has made significant progress and will launch in early 2024.”

Blackbird share price. 

The Blackbird share price plunged 15.89% to trade at 7.99p from Monday’s closing price of 9.50p.


YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


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